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Dienstag, 23.01.2018 10:40 von GlobeNewswire | Aufrufe: 69

MASMOVIL Announces Providence Sells a Minority Stake of its Position

Zeitungsständer (Symbolbild). © Global_Pics / iStock Unreleased / Getty Images

Given large institutional investors interest in MASMOVIL

Around 50 institutional investors in the deal, which increases free float to around 40%
Keeps 76% of its global stake in the Company

Madrid January 23th, 2017. Providence has announced completed the sale of 2.8 million shares of MASMOVIL, representing c.8% of the fully diluted shares, or 14% of the shares outstanding.

The sale has taken place through an accelerated book building process (ABB), initially targeting 2.2M shares. However, given the large demand from institutional investors, the transaction size has been increased and successfully completed at 2.8M shares.

The transaction has been priced at 87.75€ implying a 5% discount versus yesterday's closing price, a discount in line with other ABB's in the Spanish market.

More than 50 first class institutional investors have participated in the deal, reflecting the interest of the international investment community for MASMOVIL, Europe's fastest growth telco company.

Providence invested initially in MASMOVIL in October 2016. After the deal, Providence still holds 76% of its initial stake, which corresponds with around 27% of the Company's fully diluted shares. Providence twill keep its two seats in the Board.

The sale of the shares will increase materially the free float of the Company, to around 40%, and thus liquidity should increase. Since its listing in Spain's Main Market last July 2017 MASMOVIL shares have increased by c.50% and daily traded volume has also significantly increased.

John Hanh, Senior Managing Director at Providence has commented: "Today's partial sale responds to extraordinary performance of the Company during last year and the increase in its share price. We are fully committed with the Company and its management team and believe that MASMOVIL will continue generating value to its shareholders".

Robert Sudo, Managing Director at Providence has said: "We are committed with MASMOVIL, its business model, management team and growth potential".

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MASMOVIL's CEO, Meinrad Spenger mentions that: "Providence is a very supportive partner given its telecom and financial industry knowledge. We are satisfied with the performance of their investment and its staying as shareholders with the majority of its stake. We welcome the increased liquidity and free float after the transaction, which allows other investors to participate of our growth story, while Providence's exposure to MASMOVIL remains so material. We are excited about the prospects for 2018".

About MASMOVIL Group

MASMOVIL Group is the fourth largest converging telecommunications operator in Spain that provides fixed, mobile and broadband Internet services for residential, business and Wholesale, through its main brands: Yoigo, Pepephone, MASMOVIL and Llamaya.

The group relies on a fiber/ADSL network for broadband and 3G and 4G network for mobile telephony. At present, it has more than 10 million marketable fiber homes and reaches 18 million homes with ADSL. The companies' 4G mobile network covers 85% of the Spanish population. The Group had more than 5 million customers in Spain at the end of September 2017.

About Providence Equity Partners

Providence is a premier global private equity and credit investment firm with more than $50 billion in capital under management. Providence pioneered a sector focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 160 companies and is the leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI and also has offices in New York, London, and Hong Kong. For more information, please visit www.provequity.com.

MASMOVIL Announces Providence Sells a Minority Stake of its Position

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: GRUPO MASMOVIL via Globenewswire

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